Audit Risk Assessment and Planning

You are a part of the team responsible for planning the Retail Food Group Limited (ASX code-RFG), a food and beverage company, audit engagement for 2021. You are required to gather relevant background information and prepare report for a meeting with your audit seniors. Assume that this is the first time that the audit will be conducted by your audit firm for this client.

Problem:

1. What are the laws/regulations (other than financial related categories which include legislations such as: Corporations Act 2001, Australian taxation laws, etc.) affect RFG'soperations? You need to list and briefly describe three laws/regulations.

2.Based on your understanding of RFG and its environment, list and explain three accounts that could be at risk of material misstatements. You also need to identify the key assertion at risk for each identified account.